Remember the vanilla, run-of-the-mill three-year auto lease?
Although that's still the most popular option for drivers leasing their car or truck, a new report shows that a growing percentage of Americans are taking out longer-term leases for new vehicles.
Experian Automotive, which regularly tracks the financing of new and used vehicles, found an 18 percent surge in longer-term leases during the second quarter of 2015. Overall, just fewer than a quarter of all auto leases written from April through June were for terms longer than three years.
The shift comes as buyers are stretching out their commitments, in an effort to lower their monthly payments. As a result, the average monthly payment for a vehicle leased in the second quarter was $394, down from $407 during the same period in 2014, according to Experian.
"People [are] looking to get their monthly payments lower, and those few extra months on a lease can help do that," said Melinda Zabritski, senior director of automotive finance for Experian.